It can be difficult and stressful to deal with tax issues. However, there is a way out. Taxpayers can use many tax resolution methods to fix IRS issues. This article will provide information on common tax resolution methods to address your tax issues.
Installment Agreement
Installment agreements are a way to pay off your tax debt monthly. This arrangement is ideal for taxpayers who can only partially pay their tax debt.
Offer in Compromise
An offer-in-compromise settlement allows you to pay less tax than the full amount due. This option is available to taxpayers who can not pay their tax debts and have no assets. To be eligible for a compromise agreement, your proof must prove that you cannot pay your tax debt in full.
Currently not Collectible Status
The IRS can suspend collection efforts for a taxpayer who is not collectible. This temporary status means that they are no longer pursuing any collections. This is for taxpayers in financial hardship or who cannot pay their tax bills. To be considered for current, not collectible status, the IRS must show that you have no assets or income that the IRS could confiscate.
Innocent Spouse Relief
Innocent spouse relief can be used to help you avoid paying tax debts that were caused by your spouse’s actions. This method is for taxpayers who have filed a joint tax return with their spouse but must learn about fraudulent or erroneous entries. You must show that you were unaware of any fraudulent or incorrect items. This will allow you to claim innocent spouse relief.
Penalty Abatement
Penalty reduction is a technique that can reduce or eliminate your penalty. This is for taxpayers with reasonable cause for not filing or paying their taxes. You will be eligible for penalty abatement if you prove you had a valid cause for not paying or filing taxes.
Bankruptcy
Bankruptcy, a legal procedure that allows you to pay off tax debts, is possible. This is the best option for taxpayers with substantial tax debt but willing to pay it. To be eligible for bankruptcy, you must satisfy certain conditions, such as passing the means test and filing all tax returns.
Audit Reconsideration
Audit reconsideration is a process that allows you and the IRS to disagree with the audit results. This method is appropriate for taxpayers who disagree with the findings of an IRS auditor and have new evidence to support them. To be eligible for audit reconsideration, you must show that the original audit did not reflect your facts and that you have sufficient evidence to prove this.
Collection Due Process Hearing
A collection hearing is a way to contest the IRS’s collection actions. This method is appropriate for taxpayers who received a notification of intent to levy or a federal tax lien. To be eligible for a collection due process hearing, you must request it within thirty days of receiving the notice.
In Conclusion
Polston Tax is an option for solving tax issues if you need them. It is crucial to have a professional tax resolution expert who can help guide you through them and help you choose the best approach. With the right technique and guidance from a professional, you can solve your tax problems.
